1.
ISO 4217
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The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
2.
Cent (currency)
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In many national currencies, the cent, commonly represented by the cent sign is a monetary unit that equals 1⁄100 of the basic monetary unit. Etymologically, the word cent derives from the Latin word centum meaning hundred, cent also refers to a coin worth one cent. In the United States and Canada, the 1¢ coin is known by the nickname penny, alluding to the British coin. In Ireland the 1c coin is sometimes known as a penny in reference to the Irish penny. A cent is commonly represented by the cent sign, a letter c crossed by a diagonal stroke or a vertical line, ¢, or a simple c. Cent amounts from 1 cent to 99 cents can be represented as one or two digits followed by the abbreviation, or as a subdivision of the base unit. The cent sign has not survived the changeover from typewriters to computer keyboards, for the US International keyboard, <Right Alt> <Shift> c. On Macintosh systems, hold ⌥ Option and press 4 on the number row, on Unix/Linux systems with a compose key, Compose+|+C is a typical sequence. The cent sign has Unicode code point, U+00A2 ¢ cent sign, usage of the cent symbol varies from one currency to another. In the United States, Canada and Mexico, the usage ¢ is more common, while in Australia, New Zealand and the eurozone, in South Africa and Ireland, only the c is used. When written in English, the cent sign follows the amount, in contrast with a currency symbol. For example, 2¢ and $0.02, or 2c, greek coins have ΛΕΠΤΟ on the obverse of the one-cent coin and ΛΕΠΤΑ on the obverse of the others. Actual usage varies depending on language, South Korean Won no fractional denomination in circulation, formerly divided into 100 jeon
3.
Currency symbol
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A currency symbol is a graphic symbol used as a shorthand for a currencys name, especially in reference to amounts of money. The European Commission considers the global recognition of the euro sign € part of its success, in 2009, India launched a public competition to replace the ₨ ligature it shared with neighbouring countries. It finalised its new symbol, ₹ on 15 July 2010. It is a blend of the Latin letter R with the Devanagari letter र, when writing currency amounts the location of the symbol varies by currency. Many currencies in the English-speaking world and Latin America, place it before the amount, the Cape Verdean escudo places its symbol in the decimal separator position. The usage of many European countries, such as France, Germany, the decimal separator also follows local countries standards. For instance, the United Kingdom often uses an interpunct as the point on price stickers. Commas or decimal points are common separators used in other countries, see decimal separator for information on international standards. Older currency symbols have evolved slowly, often from previous currencies, the dollar and peso symbols originated from the mark employed to denote the Spanish real de a ocho, whereas the pound and lira symbols evolved from an L standing for libra, a Roman pound of silver. Newly invented currencies and currencies adopting new symbols have symbolism closer to their adopter, the added center bar in the real sign is meant to symbolize stability. The new Indian rupee symbol, ₹, is a combination of Latin. There are also considerations, such as the perception of the business community. For a new symbol to be used, software to render it needs to be promulgated, the EU was criticized for not considering how the euro symbol would need to be customized to work in different fonts. The original design was exceptionally wide. These two factors have led to most typefaces employing customized, font-specific versions, usually with reduced width, List of currencies List of circulating currencies Currency Symbols
4.
Dollar sign
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The dollar sign is a symbol primarily used to indicate the various units of currency around the world. The symbol can interchangeably have one or two vertical strokes, note that the two-stroked version is not the same symbol as the cifrão. In common usage, the sign appears to the left of the amount specified, the best documented explanation holds that the sign evolved out of the Spanish and Spanish American scribal abbreviation pˢ for pesos. A study of late eighteenth- and early nineteenth-century manuscripts shows that the s gradually came to be written over the p, a variation, though less plausible, of this hypothesis derives the sign from a combination of the Greek character psi and S. There are a number of hypotheses about the origin of the symbol, some with a measure of academic acceptance. Kingdom of Sicily Denaro minted in the Kingdom in Sicily at least by 1258–1266 had what could be construed as a dollar symbol. These coins were widely circulated due to the Crusades – and specifically the Crusade that targeted Tunis, several alternative hypotheses relate specifically to the dollar sign drawn with two vertical lines. A common hypothesis holds that the sign derives from the Spanish coat of arms, in 1492, Ferdinand II of Aragon adopted the symbol of the Pillars of Hercules and added the Latin warning Non plus ultra meaning nothing further beyond, indicating this is the end of the world. But when Christopher Columbus came to America, the legend was changed to Plus ultra, the Pillars of Hercules wrapped in a banner thus became a symbol of the New World. In this example the right-hand pillar clearly resembles the dollar sign, the symbol was adopted by Charles V and was part of his coat of arms representing Spains American possessions. The symbol was later stamped on coins minted in gold and silver, the coin, also known as Spanish dollar, was the first global currency used in the entire world since the Spanish Empire was the first global Empire. These coins, depicting the pillars over two hemispheres and a small S-shaped ribbon around each, were spread throughout America, Europe and Asia. According to this, traders wrote signs that, instead of saying Spanish dollar, had this made by hand. When the US got independence from the UK, they created the American dollar, a dollar sign with two vertical lines could have started off as a monogram of USA, used on money bags issued by the United States Mint. The letters U and S superimposed resemble the historical double-stroke dollar sign, robert Morris was such a zealous patriot – known as the Financier of the Revolution in the West – that conjecture does not overstep its bounds in purporting this hypothesis as viable. A similar idea claims that the letters U and S would stand for unit of silver, referencing pieces of eight again, another hypothesis is that it derives from the symbol used on a German Thaler. This refers to the Bible, Numbers, Chapter 21, a similar symbol, constructed by superposition of S and I or J, was used to denote German Joachimsthaler. It was known in the English-speaking world by the 17th century, robert Morris was the first to use that symbol in official documents and in official communications with Oliver Pollock
5.
Liberia
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Liberia /laɪˈbɪəriə/, officially the Republic of Liberia, is a country on the West African coast. It is bordered by Sierra Leone to its west, Guinea to its north and it covers an area of 111,369 square kilometres and has a population of 4,503,000 people. English is the language and over 20 indigenous languages are spoken. The countrys capital and largest city is Monrovia, forests on the coastline are composed mostly of salt-tolerant mangrove trees, while the more sparsely populated inland has forests opening onto a plateau of drier grasslands. The climate is equatorial, with significant rainfall during the May–October rainy season, Liberia possesses about forty percent of the remaining Upper Guinean rainforest. It was an important producer of rubber in the early 20th century, the Republic of Liberia began as a settlement of the American Colonization Society, who believed African Americans would face better chances for freedom in Africa than in the United States. The country declared its independence on July 26,1847, the U. S. did not recognize Liberias independence until during the American Civil War on February 5,1862. The African American settlers carried their culture with them to Liberia, Liberia maintained and kept its independence during the European colonial era. In addition, President William Tubman encouraged economic changes, internationally, Liberia was a founding member of the League of Nations, United Nations and the Organisation of African Unity. Five years of rule by the Peoples Redemption Council and five years of civilian rule by the National Democratic Party of Liberia were followed by the First. These resulted in the deaths and displacement of more than half a million people, a peace agreement in 2003 led to democratic elections in 2005. Recovery proceeds but about 85% of the population live below the poverty line. The Pepper Coast, also known as the Grain Coast, has been inhabited by peoples of Africa at least as far back as the 12th century. Mende-speaking people expanded westward from the Sudan, forcing many smaller ethnic groups southward toward the Atlantic Ocean, the Dei, Bassa, Kru, Gola and Kissi were some of the earliest documented peoples in the area. This influx was compounded by the decline of the Western Sudanic Mali Empire in 1375, additionally, as inland regions underwent desertification, inhabitants moved to the wetter coast. These new inhabitants brought skills such as spinning, cloth weaving, iron smelting, rice and sorghum cultivation. Shortly after the Mane conquered the region, the Vai people of the former Mali Empire immigrated into the Grand Cape Mount County region, the ethnic Kru opposed the influx of Vai, forming an alliance with the Mane to stop further influx of Vai. People along the coast built canoes and traded with other West Africans from Cap-Vert to the Gold Coast, arab traders entered the region from the north, and a long-established slave trade took captives to north and east Africa
6.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
7.
Central Bank of Liberia
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The Central Bank of Liberia is Liberias central bank. Its current executive governor is Mr. Milton Alvin Weeks, the offices of the bank are located in Monrovia, the capital of Liberia. The bank is engaged in developing policies to promote inclusion and is a member of the Alliance for Financial Inclusion. Before the year 2000, Liberias central bank was the National Bank of Liberia, the first executive governor of the CBL was Mr Elie E Saleeby. Economy of Liberia Liberian dollar List of banks in Liberia Africa, Central banks and currencies of Africa Central Bank of Liberia official site
8.
Currency code
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The ISO4217 code list is used in banking and business globally. ISO4217 codes are used on tickets and international train tickets to remove any ambiguity about the price. The first two letters of the code are the two letters of the ISO 3166-1 alpha-2 country codes and the third is usually the initial of the currency itself, so Japans currency code is JPY—JP for Japan and Y for yen. This eliminates the problem caused by the dollar, franc, peso and pound being used in dozens of different countries. Also, if a currency is revalued, the currency codes last letter is changed to distinguish it from the old currency. Other changes can be seen, however, the Russian ruble, for example, changed from RUR to RUB and these currency units are denominated as one troy ounce of the specified metal as opposed to USD1 or EUR1. The code XTS is reserved for use in testing, the code XXX is used to denote a transaction involving no currency. There are also codes specifying certain monetary instruments used in international finance, the codes for most supranational currencies, such as the East Caribbean dollar, the CFP franc, the CFA franc BEAC and the CFA franc BCEAO. The predecessor to the euro, the European Currency Unit, had the code XEU, the use of an initial letter X for these purposes is facilitated by the ISO3166 rule that no official country code beginning with X will ever be assigned. Because of this rule ISO4217 can use X codes without risk of clashing with a country code. ISO3166 country codes beginning with X are used for private custom use, consequently, ISO4217 can use X codes for non-country-specific currencies without risk of clashing with future country codes. The inclusion of EU in the ISO 3166-1 reserved codes list, the ISO4217 standard includes a crude mechanism for expressing the relationship between a major currency unit and its corresponding minor currency unit. This mechanism is called the exponent and assumes a base of 10. For example, USD is equal to 100 of its currency unit the cent. So the USD has exponent 2, the code JPY is given the exponent 0, because its minor unit, the sen, although nominally valued at 1/100 of a yen, is of such negligible value that it is no longer used. Usually, as with the USD, the currency unit has a value that is 1/100 of the major unit, but in some cases 1/1000 is used. Mauritania does not use a decimal division of units, setting 1 ouguiya equal to 5 khoums, some currencies do not have any minor currency unit at all and these are given an exponent of 0, as with currencies whose minor units are unused due to negligible value. There is also a code number assigned to each currency
9.
Currency
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A currency in the most specific use of the word refers to money in any form when in actual use or circulation as a medium of exchange, especially circulating banknotes and coins. A more general definition is that a currency is a system of money in common use, under this definition, US dollars, British pounds, Australian dollars, and European euros are examples of currency. These various currencies are recognized stores of value and are traded between nations in exchange markets, which determine the relative values of the different currencies. Currencies in this sense are defined by governments, and each type has limited boundaries of acceptance, other definitions of the term currency are discussed in their respective synonymous articles banknote, coin, and money. The latter definition, pertaining to the systems of nations, is the topic of this article. Currencies can be classified into two systems, fiat money and commodity money, depending on what guarantees the value. Some currencies are legal tender in certain jurisdictions, which means they cannot be refused as payment for debt. Others are simply traded for their economic value, digital currency has arisen with the popularity of computers and the Internet. Currency evolved from two basic innovations, both of which had occurred by 2000 BC, originally money was a form of receipt, representing grain stored in temple granaries in Sumer in ancient Mesopotamia, then Ancient Egypt. In this first stage of currency, metals were used as symbols to represent value stored in the form of commodities and this formed the basis of trade in the Fertile Crescent for over 1500 years. Trade could only reach as far as the credibility of that military and it is not known what was used as a currency for these exchanges, but it is thought that ox-hide shaped ingots of copper, produced in Cyprus, may have functioned as a currency. It is thought that the increase in piracy and raiding associated with the Bronze Age collapse, possibly produced by the Peoples of the Sea, brought the trading system of oxhide ingots to an end. In Africa, many forms of value store have been used, including beads, ingots, ivory, various forms of weapons, livestock, the manilla currency, the manilla rings of West Africa were one of the currencies used from the 15th century onwards to sell slaves. African currency is still notable for its variety, and in many various forms of barter still apply. These factors led to the metal itself being the store of value, first silver, now we have copper coins and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins and this was to assure the individual taking the coin that he was getting a certain known weight of precious metal. Coins could be counterfeited, but they created a new unit of account. Most major economies using coinage had several tiers of coins, using a mix of copper, silver, gold coins were used for large purchases, payment of the military and backing of state activities, they were more often used as measures of account than physical coins
10.
Dollar
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Dollar is the name of more than twenty currencies, including those of the United States, Canada, Australia, Taiwan, Hong Kong, Singapore, New Zealand, Liberia, Jamaica and Namibia. Generally, one dollar is divided into one hundred cents, on 15 January 1520, the Czech Kingdom of Bohemia began minting coins from silver mined locally in Joachimsthal and marked on reverse with the Czech lion. The coins were called joachimsthaler, which became shortened in common usage to thaler or taler, the German name Joachimsthal literally means Joachims valley or Joachims dale. A later Dutch coin also depicting a lion was called the leeuwendaler or leeuwendaalder, the Dutch Republic produced these coins to accommodate its booming international trade. The leeuwendaler circulated throughout the Middle East and was imitated in several German and Italian cities and this coin was also popular in the Dutch East Indies and in the Dutch New Netherland Colony. It was in throughout the Thirteen Colonies during the 17th. The currencies of Romania and Bulgaria are, to this day, the modern American-English pronunciation of dollar is still remarkably close to the 17th century Dutch pronunciation of daler. Some well-worn examples circulating in the Colonies were known as dog dollars, Spanish pesos – having the same weight and shape – came to be known as Spanish dollars. By the time of the American Revolution, Spanish dollars gained significance because they backed paper money authorized by the individual colonies, common in the Thirteen Colonies, Spanish dollars were even legal tender in one colony, Virginia. On April 2,1792, U. S. Secretary of the Treasury Alexander Hamilton reported to Congress the precise amount of found in Spanish dollar coins in common use in the states. As a result, the United States dollar was defined as a unit of silver weighing 371 4/16th grains. It was specified that the money of account of the United States should be expressed in those same dollars or parts thereof, in an act passed in January 1837, the dollars alloy was set at 15%. Subsequent coins would contain the amount of pure silver as previously. On February 21,1853, the quantity of silver in the coins was reduced. However, the dollars constitutional meaning has remained unchanged through the years, silver was mostly removed from U. S. coinage by 1965 and the dollar became a free-floating fiat currency without a commodity backing defined in terms of real gold or silver. The US Mint continues to make silver $1-denomination coins, but these are not intended for general circulation, there are many quotes in the plays of William Shakespeare referring to dollars as money. This might be supported by a reference to the sum of ten dollars in Macbeth. In 1804, a British five-shilling piece, or crown, was sometimes called dollar and it was an overstruck Spanish eight real coin, the original of which was known as a Spanish dollar
11.
Fixed exchange-rate system
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There are benefits and risks to using a fixed exchange rate. In doing so, the rate between the currency and its peg does not change based on market conditions, the way floating currencies do. A fixed exchange-rate system can also be used as a means to control the behavior of a currency, however, in doing so, the pegged currency is then controlled by its reference value. In other words, a currency is dependent on its reference value to dictate how its current worth is defined at any given time. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to any payments imbalances. In the 21st century, the associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange system was the Peoples Republic of China which, in July 2005. The European Exchange Rate Mechanism is also used on a basis to establish a final conversion rate against the Euro from the local currencies of countries joining the Eurozone. The gold standard or gold standard of fixed exchange rates prevailed from about 1870 to 1914. The period between the two wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs, the early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the exchange rate system, The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852. Under this system, the value of all currencies was denominated in terms of gold with central banks ready to buy. Each central bank maintained gold reserves as their official reserve asset, for example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U. S. dollar as the reserve asset. The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund, the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. S. Dollar and to exchange rates within 1% of parity by intervening in their foreign exchange markets. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the price of gold from US$35.50 to US$38 an ounce
12.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
13.
British West African pound
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The British West African Pound was once the currency of British West Africa, a group of British colonies, protectorates and mandate territories. It was equal to the pound sterling and was subdivided into 20 shillings. In the 19th century, the pound sterling became the currency of the British West African territories, the West African territories in question were Nigeria, the Gold Coast, Sierra Leone and The Gambia. In 1912, the authorities in London set up the West African Currency Board, the circumstance prompting this move was a tendency for existing UK coins used in the West African territories to leave the region and return to the UK, hence causing a local dearth of coinage. A unique British West African variety of the coinage would not be accepted in the shops of Britain. Australian authorities issued local coinage as a step towards full nationhood, the British West African pound was also adopted by Liberia in 1907, replacing the Liberian dollar, although it was not served by the West African Currency Board. Liberia changed to the U. S. dollar in 1943, togo and Cameroon adopted the West African currency in 1914 and 1916 respectively, when British and French troops took over those colonies from Germany as part of World War I. Beginning in 1958, the British West African pound was replaced by local currencies in the individual territories, the replacements were, In 1907, aluminium 1⁄10 penny and cupro-nickel 1 penny coins were introduced. In 1908, cupro-nickel replaced aluminium in the penny and, in 1911, holed. In 1913, silver 3 and 6 pence,1 and 2 shillings were introduced, in 1920, brass replaced silver in these denominations. In 1938, larger, cupro-nickel 3 pence coins were introduced, in 1952, bronze replaced cupro-nickel in the 1⁄10, ½ and 1 penny coins. The last coins of British West Africa were struck in 1958, in 1916, the West African Currency Board introduced notes for 2,10 and 20 shillings, followed by 1 shilling notes in 1918. Only the 10 and 20 shillings notes were issued after 1918, the last notes were produced in 1962. Gambian pound Ghanaian pound Gold Coast ackey Nigerian pound West African Monetary Zone Economic Community of West African States References Sources
14.
Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices. A common slang term for the pound sterling or pound is quid, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
15.
J. J. Roberts
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Joseph Jenkins Roberts was the first and seventh President of Liberia. Born free in Norfolk, Virginia, US, Roberts emigrated to Liberia in 1829 as a young man and he opened a trading store in Monrovia, and later engaged in politics. When Liberia became independent in July 26,1847, Roberts was elected the first Black American president for the Republic of Liberia, in 1872 he was elected again to serve as Liberias seventh president. Roberts was born free in Norfolk, Virginia, the second-oldest of seven children and his father was said to be a planter of Welsh origin. Josephs mother Amelia, described as a mulatto who was quite fair, was the planters slave mistress or concubine and he freed Amelia and her children when she was still young. Amelia gave all of her children but one the name of Jenkins. Once free, Amelia married James Roberts, a free black, Roberts gave her children his surname and raised them as his own. Roberts owned a business on the James River. By the time of his death, he had acquired wealth for an African-American of those times. Joseph Roberts and his siblings by the planter, were estimated to be seven-eighths European ancestry, as the Liberian historian Abayomi Karnga noted in 1926, He was not really black, he was an octoroon and could have easily passed for a white man. As a boy, Joseph began to work in his stepfathers business, the family moved to Petersburg, which was an industrial city. Shortly after relocating, his stepfather James Roberts died, Joseph continued to work in his familys business, but also served as an apprentice in a barber shop. The owner of the shop, William Colson, was also a minister. He gave Roberts access to his library, which provided much of the youths early education. In 1828 Roberts married an 18-year-old woman named Sarah and they had an infant child whom they took with them when they emigrated to Liberia, under the auspices of the American Colonization Society. Both Sarah and the child died in the first year of living in the colony, some time after his wifes death, Roberts married again, to Jane Rose Waring. She was a daughter of Colston Waring and Harriet Graves, Virginians who had migrated to the colony. After hearing of the plans of the American Colonization Society to colonize the African coast at Cape Mesurado near modern-day Monrovia, the restrictions in Virginia on free Negroes played an important part in his decision
16.
Monrovia
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Monrovia /mənˈroʊviə/ is the capital city of the West African country of Liberia. Located on the Atlantic Coast at Cape Mesurado, Monrovia had a population of 1,010,970 as of the 2008 census, with 29% of the total population of Liberia, Monrovia is the countrys most populous city. The ex-Caribbean slaves came to Liberia to live a life, to be free. The first ex-Caribbean slaves who came to Liberia were from Barbados, another group of settlers, some 350 ex-Caribbean slaves, came from Saint Kitts and Nevis. The last two groups of settlers from the Caribbean islands were some 483 from Grenada and some 400 from Saint Lucia, Monrovia is Liberias cultural, political and financial hub. The body that administers the government of Greater Monrovia District is the Monrovia City Corporation, founded on April 25,1822, Monrovia was the second permanent Black American settlement in Africa after Freetown, Sierra Leone. Monrovias economy is shaped primarily by its harbour and its role as the location of Liberias government offices and it is the worlds poorest city according to TheRichest. Monrovia is named in honor of U. S. President James Monroe, a prominent supporter of the colonization of Liberia, along with Washington, D. C. it is one of two national capitals to be named after a U. S. President. They landed at Sherbro Island in present-day Sierra Leone, many settlers died in the landing. In January 7,1822, a second ship rescued the settlers and took them to Cape Mesurado, of the 4,000 residents,2,500 were Americo-Liberian. By 1926, ethnic groups from Liberias interior began migrating to Monrovia in search of jobs, in 1979, the Organisation of African Unity held their conference in the Monrovia area, with then president William R. Tolbert as chairman. During his term, Tolbert improved public housing in Monrovia and decreased by 50% the tuition fees at the University of Liberia, a military coup led by Samuel Doe ousted the Tolbert government in 1980, with many members being executed. The city was damaged in the First and Second Liberian Civil Wars, notably during the siege of Monrovia, with many buildings damaged. Major battles occurred between Samuel Does government and Prince Johnsons forces in 1990 and with the NPFLs assault on the city in 1992. A legacy of the war is a population of homeless children and youths. In 2002, Leymah Gbowee organized the Women of Liberia Mass Action for Peace with local women praying and singing in a market in Monrovia. This movement helped bring an end to the Second Liberian Civil War in 2003 and the election of Ellen Johnson Sirleaf in Liberia, in 2014, the city was affected by the 2014 West Africa Ebola outbreak. The Ebola virus epidemic in Liberia was declared over on 3 September 2015, Monrovia lies along the Cape Mesurado peninsula, between the Atlantic Ocean and the Mesurado River, whose mouth forms a large natural harbor
17.
Charles Taylor (Liberian politician)
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Charles McArthur Ghankay Taylor is a former Liberian politician who was the 22nd President of Liberia, serving from 2 August 1997 until his resignation on 11 August 2003. Born in Arthington, Montserrado County, Liberia, Taylor earned a degree at Bentley College in the United States before returning to Liberia to work in the government of Samuel Doe. After being removed for embezzlement, he arrived in Libya. He returned to Liberia in 1989 as the head of a Libyan-backed rebel group, following Does execution, Taylor gained control of a large portion of the country and became one of the most prominent warlords in Africa. Following a peace deal ended the war, Taylor was elected president in the 1997 general election. During his term of office, Taylor was accused of war crimes and crimes against humanity as a result of his involvement in the Sierra Leone Civil War, domestically, opposition to his regime grew, culminating in the outbreak of the Second Liberian Civil War. By 2003, Taylor had lost control of much of the countryside and was indicted by the Special Court for Sierra Leone. That year, he resigned, as a result of growing international pressure, in 2006, the newly elected President, Ellen Johnson Sirleaf, formally requested his extradition. He was detained by UN authorities in Sierra Leone and then at the Penitentiary Institution Haaglanden in The Hague and he was found guilty in April 2012 of all eleven charges levied by the Special Court, including terror, murder and rape. In May 2012, Taylor was sentenced to 50 years in prison, Taylor was born in Arthington, a town near the capital of Monrovia, Liberia, on 28 January 1948, to Nelson and Bernice Taylor. He took the name Ghankay later on, possibly to please and his mother was a member of the Gola ethnic group, part of the 95% of the people who are indigenous to Liberia. According to most reports, his father was an Americo-Liberian who worked as a teacher, sharecropper, lawyer, in 1977, Taylor earned a degree at Bentley College in Waltham, Massachusetts, United States. Taylor supported the 12 April 1980 coup led by Samuel Doe, Taylor was appointed to the position of Director General of the General Services Agency, a position that left him in charge of purchasing for the Liberian government. He was sacked in May 1983 for embezzling an estimated $1,000,000, citing a fear of assassination by Liberian agents, Taylor fought extradition from the safety of jail with the help of a legal team led by former US Attorney General Ramsey Clark. In response, Assistant United States Attorney Richard G. Stearns arguments were reinforced by Liberian Justice Minister Jenkins Scott, while awaiting the conclusion of the extradition hearing, Taylor was detained in the Plymouth County Correctional Facility. On 15 September 1985, Taylor and four inmates escaped from the jail. Shortly thereafter, Taylor and two escapees were met at nearby Jordan Hospital by Taylors wife, Enid, and Taylors sister-in-law. They drove a car to Staten Island in New York
18.
Red
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Red is the color at the longer-wavelengths end of the spectrum of visible light next to orange, at the opposite end from violet. Red color has a predominant light wavelength of roughly 620–740 nanometers, light with a longer wavelength than red but shorter than terahertz radiation and microwave is called infrared. Red is one of the secondary colors, resulting from the combination of yellow. Traditionally, it was viewed as a primary colour, along with yellow and blue, in the RYB color space and traditional color wheel formerly used by painters. Reds can vary in shade from light pink to very dark maroon or burgundy. Red is the color of cyan. In nature, the red color of blood comes from hemoglobin, the red color of the Grand Canyon and other geological features is caused by hematite or red ochre, both forms of iron oxide. It also causes the red color of the planet Mars, the color of autumn leaves is caused by pigments called anthocyanins, which are produced towards the end of summer, when the green chlorophyll is no longer produced. One to two percent of the population has red hair, the color is produced by high levels of the reddish pigment pheomelanin. Since red is the color of blood, it has historically been associated with sacrifice, danger, modern surveys in the United States and Europe show red is also the color most commonly associated with heat, activity, passion, sexuality, anger, love and joy. In China, India and many other Asian countries it is the color of symbolizing happiness, since the 19th century, red has also been associated with socialism and communism. The word red is derived from the Old English rēad, the word can be further traced to the Proto-Germanic rauthaz and the Proto-Indo European root rewdʰ-. In Sanskrit, the word means red or blood. In the Akkadian language of Ancient Mesopotamia and in the modern Inuit language of Inuit, the words for colored in Latin and Spanish both also mean red. In Portuguese the word for red is vermelho, which comes from Latin vermiculus, in the Russian language, the word for red, Кра́сный, comes from the same old Slavic root as the words for beautiful—красивый and excellent—прекрасный. Thus Red Square in Moscow, named long before the Russian Revolution, in heraldry, the word gules is used for red. Red can vary in hue from orange-red to violet-red, and for each hue there is a variety of shades and tints. Red hematite powder was found scattered around the remains at a grave site in a Zhoukoudian cave complex near Beijing
19.
Edward James Roye
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Edward James Roye served as the fifth President of Liberia from 1870 to his overthrow in 1871 and subsequent violent death. He had previously served as the 4th Chief Justice of Liberia from 1865 until 1868 and he was the first member of Liberias True Whig Party to serve as President. Born into a prosperous African American family in Newark, Ohio and his father, John Roye, managed a ferry across the Wabash River at Terre Haute, Indiana and acquired considerable land in Terre Haute as well as Vandalia in the neighboring state of Illinois. As a result of the financial standing, young Edward was able to attend Ohio University in neighboring Athens. In 1846, attracted by the American Colonization Society, Roye immigrated to Liberia, within three years of his arrival, he became active in Liberian politics. Before being elected president he served as Speaker of the Liberian House of Representatives, Roye was inaugurated as President of Liberia on January 3,1870. The decades after 1868, escalating economic difficulties weakened the dominance over the coastal indigenous population. Conditions worsened, the cost of imports was far greater than the income generated by exports of coffee, rice, palm oil, sugarcane, Liberia tried desperately to modernize its largely agricultural economy. As Roye took office, the country was in the midst of political instability exacerbated by a fiscal crisis, Roye began a program of reconstruction with the intention to build new roads and schools. In order to raise the funds for projects, Roye sailed to England where he began negotiations with London banks. The terms of the loans were severe, among other things, Roye hastily agreed to the loans without consulting the legislature. Liberia actually received approximately $90,000, while bonds were issued for $400,000, recession forced Liberia into a series of ever larger loans. The decline of Liberias exports and its inability to pay its debts resulted in a measure of foreign interference. In 1871, Roye tasked the Speaker of the House of Representatives, William Spencer Anderson, Anderson secured $500,000 under strict terms from the British consul-general, David Chinery, but was heavily criticised, and was eventually arrested. Anderson was apparently tried the following year for his part in securing the loan and he was found not guilty, but was shot to death while leaving the courthouse. No specific historical record is available detailing the date and circumstances of his death, another account suggests that he drowned while trying to reach a British ship in Monrovia harbor, on Feb.12,1872. A portrait of President Roye in the gallery of the Presidential Mansion in Monrovia gives the date of his death as February 11. History of Liberia see History of Liberia, further reading Brief biographical sketch of Edward James Roye along with a see also History of Liberia
20.
Rice
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Rice is the seed of the grass species Oryza sativa or Oryza glaberrima. As a cereal grain, it is the most widely consumed staple food for a part of the worlds human population. It is the agricultural commodity with the third-highest worldwide production, after sugarcane and maize, wild rice, from which the crop was developed, may have its native range in Australia. Chinese legends attribute the domestication of rice to Shennong, the emperor of China. Genetic evidence has shown that rice originates from a single domestication 8, previously, archaeological evidence had suggested that rice was domesticated in the Yangtze River valley region in China. From East Asia, rice was spread to Southeast and South Asia, Rice was introduced to Europe through Western Asia, and to the Americas through European colonization. There are many varieties of rice and culinary preferences tend to vary regionally, in some areas such as the Far East or Spain, there is a preference for softer and stickier varieties. Rice, a monocot, is grown as an annual plant, although in tropical areas it can survive as a perennial. The rice plant can grow to 1–1.8 m tall, occasionally more depending on the variety and it has long, slender leaves 50–100 cm long and 2–2.5 cm broad. The small wind-pollinated flowers are produced in a branched arching to pendulous inflorescence 30–50 cm long, the edible seed is a grain 5–12 mm long and 2–3 mm thick. Rice cultivation is well-suited to countries and regions with low costs and high rainfall, as it is labor-intensive to cultivate. However, rice can be grown practically anywhere, even on a hill or mountain area with the use of water-controlling terrace systems. Although its parent species are native to Asia and certain parts of Africa, centuries of trade, the traditional method for cultivating rice is flooding the fields while, or after, setting the young seedlings. The name wild rice is used for species of the genera Zizania and Porteresia. The Greek word is the source of all European words, the origin of the Greek word is unclear. It is sometimes held to be from the Tamil word அரிசி, however, Krishnamurti disagrees with the notion that Old Tamil arici is the source of the Greek term, and proposes that it was borrowed from descendants of Proto-Dravidian *wariñci instead. The varieties of rice are typically classified as long-, medium-, the grains of long-grain rice tend to remain intact after cooking, medium-grain rice becomes more sticky. Medium-grain rice is used for dishes, for risotto in Italy
21.
Coat of arms of Liberia
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The coat of arms of Liberia consists of a shield containing a picture of 19th century ship arriving in Liberia. The ship symbolizes the ships brought the freed slaves from the United States to Liberia. The plow and the shovel represent the dignity of labor and hard work through which the nation will prosper, the rising sun in the background represents the birth of a nation. The palm tree, the nations most versatile source of food, the white dove with a scroll represents the breath of peace
22.
Blue
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Blue is the colour between violet and green on the optical spectrum of visible light. Human eyes perceive blue when observing light with a wavelength between 450 and 495 nanometres, which is between 4500 and 4950 ångströms. Blues with a frequency and thus a shorter wavelength gradually look more violet, while those with a lower frequency. Pure blue, in the middle, has a wavelength of 470 nanometers, in painting and traditional colour theory, blue is one of the three primary colours of pigments, along with red and yellow, which can be mixed to form a wide gamut of colours. Red and blue mixed together form violet, blue and yellow together form green, Blue is also a primary colour in the RGB colour model, used to create all the colours on the screen of a television or computer monitor. The clear sky and the sea appear blue because of an optical effect known as Rayleigh scattering. When sunlight passes through the atmosphere, the wavelengths are scattered more widely by the oxygen and nitrogen molecules. An optical effect called Tyndall scattering, similar to Rayleigh scattering, explains blue eyes, distant objects appear more blue because of another optical effect called atmospheric perspective. Blue has been used for art and decoration since ancient times and it is the most important color in Judaism. In the Middle Ages, cobalt blue was used to colour the stained glass windows of cathedrals, beginning in the 9th century, Chinese artists used cobalt to make fine blue and white porcelain. Blue dyes for clothing were made from woad in Europe and indigo in Asia, in 1828 a synthetic ultramarine pigment was developed, and synthetic blue dyes and pigments gradually replaced mineral pigments and vegetable dyes. Pierre-Auguste Renoir, Vincent van Gogh and other late 19th century painters used ultramarine and cobalt blue not just to depict nature, in the late 18th century and 19th century, blue became a popular colour for military uniforms and police uniforms. In the 20th century, because blue was associated with harmony, it was chosen as the colour of the flags of the United Nations. Surveys in the US and Europe show that blue is the colour most commonly associated with harmony, faithfulness, confidence, distance, infinity, the imagination, cold, and sometimes with sadness. In US and European public opinion polls it is the most popular colour, Blue is the colour of light between violet and green on the visible spectrum. Blues also vary in shade or tint, darker shades of blue contain black or grey, darker shades of blue include ultramarine, cobalt blue, navy blue, and Prussian blue, while lighter tints include sky blue, azure, and Egyptian blue. Today most blue pigments and dyes are made by a chemical process, the modern English word blue comes from Middle English bleu or blewe, from the Old French bleu, a word of Germanic origin, related to the Old High German word blao. In heraldry, the azure is used for blue
23.
Joseph Jenkins Roberts
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Joseph Jenkins Roberts was the first and seventh President of Liberia. Born free in Norfolk, Virginia, US, Roberts emigrated to Liberia in 1829 as a young man and he opened a trading store in Monrovia, and later engaged in politics. When Liberia became independent in July 26,1847, Roberts was elected the first Black American president for the Republic of Liberia, in 1872 he was elected again to serve as Liberias seventh president. Roberts was born free in Norfolk, Virginia, the second-oldest of seven children and his father was said to be a planter of Welsh origin. Josephs mother Amelia, described as a mulatto who was quite fair, was the planters slave mistress or concubine and he freed Amelia and her children when she was still young. Amelia gave all of her children but one the name of Jenkins. Once free, Amelia married James Roberts, a free black, Roberts gave her children his surname and raised them as his own. Roberts owned a business on the James River. By the time of his death, he had acquired wealth for an African-American of those times. Joseph Roberts and his siblings by the planter, were estimated to be seven-eighths European ancestry, as the Liberian historian Abayomi Karnga noted in 1926, He was not really black, he was an octoroon and could have easily passed for a white man. As a boy, Joseph began to work in his stepfathers business, the family moved to Petersburg, which was an industrial city. Shortly after relocating, his stepfather James Roberts died, Joseph continued to work in his familys business, but also served as an apprentice in a barber shop. The owner of the shop, William Colson, was also a minister. He gave Roberts access to his library, which provided much of the youths early education. In 1828 Roberts married an 18-year-old woman named Sarah and they had an infant child whom they took with them when they emigrated to Liberia, under the auspices of the American Colonization Society. Both Sarah and the child died in the first year of living in the colony, some time after his wifes death, Roberts married again, to Jane Rose Waring. She was a daughter of Colston Waring and Harriet Graves, Virginians who had migrated to the colony. After hearing of the plans of the American Colonization Society to colonize the African coast at Cape Mesurado near modern-day Monrovia, the restrictions in Virginia on free Negroes played an important part in his decision
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